The Consumer Financial Protection Bureau's “Project Catalyst,” launched six years ago to help fintech companies navigate regulations, has failed to deliver.
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Legacy financial firms like the big credit bureau are seeking out financial technology to diversify themselves, bring new products to market faster and meet the needs of global customers.
With substantial regulatory relief within reach, community bankers should use their clout to shape cybersecurity policy and ensure a level playing field for banks and nonbanks, retiring ICBA chief Cam Fine says.
The online giant has succeeded in disrupting every area of retail, but in banking it faces a high barrier to entry and fierce determination from banks like Citizens Financial and Bank of the West to keep upping their games.
Timothy Zimmerman is optimistic about regulatory relief and the capabilities of the association's next CEO, but he remains wary of nonbank competition and cybersecurity risk.
American Express Ventures has become an investor in the startup EverCompliant, which helps financial institutions root out e-commerce websites backed by terrorists and drug cartels that are laundering money through payments-processing networks.
Democratic infighting over a bill to curb the reach of the Dodd-Frank Act dominated discussion this past week, but Amazon still made waves in its disruptor role. Also: Our 'Best Fintechs to Work For' debuted.
The venture capital firm Anthemis seeded 21 fintech startups in its first discretionary fund, which raised $106 million. It favors management teams made up of people from all walks of life who have fresh ideas about shaking up banking and insurance.
Disruptors would get a powerful new competitor if Amazon began offering checking accounts, but such a move would also validate the notion that fintechs are the future.
